A power converter employing a tapped inductor and method of operating the same. In one embodiment, the power converter includes first and second tapped inductors including a tapped winding having a first section and a second section with a tap therebetween. The power converter also includes first and second active phase legs including a main switch series-coupled with an input node of the power converter and the first section of the tapped windings of the first and second tapped inductors, respectively. The first and second active phase legs also include an auxiliary switch interposed between the second section of the tapped windings of the first and second tapped inductors, respectively, and an output node of the power converter.